Charter says the deal, which would give Comcast control of nearly 40 percent of the U.S. broadband market, “is subject to a high degree of regulatory risk” that could delay it or keep it from going through.

“From the regulatory perspective, it is difficult to imagine a transaction that could concentrate the industry more than the Proposed Comcast Merger,” Charter wrote in a Securities and Exchange Commission filing Friday.

Charter also appealed to the bottom line, saying Time Warner Cable shareholders may receive less value for their shares than originally expected due to fluctuations in stock price.

Comcast is certain to deny Charter’s claims.

Charter, which lost out in its bid to take over TWC when Comcast announced its takeover plans, also raised questions about the process involved in the proposed merger, saying “the TWC Board simply refused to meaningfully engage with Charter regarding a potential business combination even after deciding to pursue a transaction with Comcast.”

Charter also suggested problems involving the different classes of Comcast shares, raising questions about how much influence shareholders of each class would hold.

“By voting against the Merger Agreement Proposal, you will send a message that you want the management to represent your interest and maximize your investment,” Charter told TWC shareholders.

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